Apple Pay: Can You Trust It?

[GlibSonoran]

Certainly Apple's payment method needs to be scrutinized closely, but I think it may be a little more secure than what you're describing here:

=When you add your credit card via the camera or typing it in, the information is encrypted and transmitted to Apple and then your bank. Your bank screens you to make sure you're you then generates a Device Account Number and some keys for creating transaction ID's. Then Apple deletes your credit card info (except for a portion to use to ID you if you call for support) from their servers and your phone.

The photo isn't stored and your credit card info isn't stored on your phone or at Apple.

= Since the Device Account Number (generated by your bank) is the only info used during transactions, your bank can easily deactivate payments on your device without having to go through the time and expense of deactivating your card.

Find My iPhone doesn't have to talk to your phone to deactive payments, it simply tells your bank to deactivate the Device Account Number. Meanwhile your credit card still works. So whether your phone is near WiFi or even on has no bearing on deactivating payments from your device.

 

[Themis Kounadis]

Time will show us, but generally NO.

 

[ericburnby]

Hmmm, Google Wallet has been able to do with Apple Pay does for several years, purchases with NFC and your phone also integrated into sites.

As to payments without sharing ones credit card number with the merchant, paypal has been doing that for 10+ years. Paypal offers the same level of security as Apple Pay.

Always love the media spin.

Always love the ignorant comments. Google Wallet uses an older, inferior tokenization system. Apple Pay uses the newest.

PayPal offers the same level of security? Dumbest comment ever. PayPal is complete garbage and people lose money through hacks/phishing all the time.

Apple Pay CANNOT be phished. There's no ID, password, card number or any other data that could ever be coaxed from a user or captured from a network (like the connection in a store to their POS terminal).

 

[tcottrell]

Even if you keep your credit card secure, the simple act of taking it out of your wallet swiping it at Target or Home Depot, has now put your data out there to be stolen, as we've all seen. How is this not better? And to those who say they won't trust it just because of the name Apple, that's childish.

 

[banananon]

Apple Pay could disable cards like Softcard does: it uses its partnership with banks to make a new virtual card number that is added to the payment application, instead of your physical card number. If you need to remotely disable the payment app, the bank disables that virtual card number, so when a thief tries to make a transaction, it's declined.

 

[Don Reid]

Yes, I can buy a device and deal with the details - or - I can just use cash. There is no mention of the fee structure of Apple Pay, but I strongly suspect someone is making money somewhere. Is this just an effort to get the last holdouts to buy a smart phone?